KARACHI: Bearish trend continued on Pakistan Stock Exchange on Friday as the investors remained cautious and opted to sell out their holdings.
The benchmark KSE-100 index declined by 265.57 points or 0.41 percent and closed at 65,151.83 points. During the session, the index hit 65,534.02 points intra-day high and 65,056.66 points intra-day low level.
Trading activities also remained low as total daily volumes on ready counter decreased to 208.408 million shares as compared to 389.654 million shares traded on Thursday while total daily traded value on the ready counter declined to Rs 7.149 billion against previous session’s Rs 11.307 billion.
BRIndex100 fell by 31.85 points or 0.47 percent to close at 6,695.10 points with total daily turnover of 156.546 million shares.
BRIndex30 plunged by 265.31 points or 1.19 percent to close at 21,992.07 points with total daily trading volumes of 103.449 million shares.
The foreign investors however remained net buyers of shares worth $1.516 million. Total market capitalization declined by Rs 56 billion to stand at Rs 9.170 trillion. Out of total 332 active scrips, 185 closed in negative and 120 in positive while the value of 27 stocks remained unchanged.
Pak Reinsurance was the volume leader with 24.162 million shares and increased by Re 1.00 to close at Rs 13.08 followed by PIAC that declined by Rs 2.07 to close at Rs 25.54 with 16.544 million shares. PTCL lost Rs 1.19 to close at Rs 14.65 with 10.930 million shares.
Rafhan Maize Products Company and Hoechst Pakistan were the top gainers increasing by Rs 175.00 and Rs 93.87 respectively to close at Rs 8,400.00 and Rs 1,353.87 while Nestle Pakistan and Sapphire Textile Mills were the top losers declining by Rs 310.00 and Rs 75.00 respectively to close at Rs 7,200.00 and Rs 1,525.00.
An analyst at Topline Securities said that range bound session was observed at the exchange as the KSE-100 index traded between its intraday high of plus 167 points and intraday low of minus 361 points to finally close at 65,152 level (down by 0.41 percent).
Major positive contribution to the index came from NBP, PSEL, MEBL, TRG and SYS, as they cumulatively contributed plus 83 points to the index. On the flip OGDC, UBL, HBL, HUBC and PTC lost value to weigh down on the index by 179 points.
BR Automobile Assembler Index lost 26.08 points or 0.17 percent to close at 15,544.06 points with total turnover of 3.271 million shares.
BR Cement Index inched down by 16.93 points or 0.27 percent to close at 6,280.08 points with 8.087 million shares.
BR Commercial Banks Index decreased by 63.21 points or 0.38 percent to close at 16,691.46 points with 18.044 million shares.
BR Power Generation and Distribution Index declined by 92.23 points or 0.64 percent to close at 14,288.38 points with 8.624 million shares.
BR Oil and Gas Index fell by 33.82 points or 0.56 percent to close at 6,019.20 points with 17.195 million shares.
BR Tech & Comm Index closed at 3,700.22 points, down 7.59 points or 0.2 percent with 35.012 million shares.
Mubashir Anis Naviwala at JS Global Capital said that profit-taking dominated the market, leading the KSE-100 index losing 266 points to close at 65,152.
Traded volume stood at 208 million shares, with PAKRI (up 8.3 percent), PIAA (down 7.5 percent), PTC (down 7.5 percent), WTL (down 1.5 percent) and AGL (up 7.5 percent) emerging as the volume leaders.
Copyright Business Recorder, 2024
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